government corporation

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Hold 9th Philippine Halal Trade and Tourism Expo in Davao City this May


Slate RP Halal Trade and Tourism Expo here

Hold 9th Philippine Halal Trade and Tourism Expo in Davao City this May

The Universal Islamic Center (UIC), the institutional partner of Davao City Halal Industry Development Council (DCHIDC) will be organizing the 9th Philippine Halal Trade and Tourism Expo (PHTTE), with a theme: “Global Halal Market: Tourism, Trade and Investment Opportunities.”

According to PHTTE president Marilou Ampuan, the Expo will be held on May 23-25, 2024 at the SMX Convention Center, SM Lanang, Davao City, Philippines.

This year’s PHTTE will have three main components: an exhibit, a plenary, and business-to-business and business-to-customers sessions. There will also be ancillary activities showcasing Mindanao’s culture, food, and modest fashion and three other Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) member countries.

The global halal market is a $7.2 Trillion economy worldwide, and PHTTE 2024 provides a platform for exhibitors and other participants to access and be part of this unstoppable bandwagon.

The plenary will bring together the tourism academe, entrepreneurs, and experts to present and discuss the latest trends in the Halal industry. The learning sessions will equip and empower individuals and enterprises of Halal and Halal potential food, manufacturing products, agriculture, tourism, e-commerce, and allied services to address challenges in doing halal business in the Philippines.

To take the first step to secure your booth, complete your reservation form via link https://forms.gle/eLj4azLArA69TbVq5

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Pag-IBIG members to gain more benefits under new rates starting February 2024


Doubled savings and higher cash loan entitlements

Pag-IBIG members to gain more benefits under new rates starting February 2024

Pag-IBIG Fund announced through its official FB page that the Fund members are set to enjoy doubled savings and higher cash loan entitlements while continuing to have access to affordable home loans, as the agency is set to increase the nearly four-decade old mandatory monthly savings for both members and their employers starting February 2024, officials announced Wednesday (17 January).

As announced, it said that under the agency’s new rates, the monthly savings of Pag-IBIG Fund members for both the employee’s share and the employer’s counterpart shall increase to P200 each from the current P100. This follows the adjustment in the maximum monthly compensation to be used in computing the required 2% employee savings and 2% employer share for Pag-IBIG Fund members, which shall now increase to P10,000 from the current P5,000.

“We at Pag-IBIG Fund have long recognized the need of our members to have higher savings that shall provide them with decent and fair returns upon their retirement, as well as higher cash loans to help them during times of need. By implementing the new Pag-IBIG Monthly Savings Rates of both members and employers originally scheduled in 2021, not only would we be able to improve the benefits of our members, we would also be better equipped to finance the growing demand for home loans of our members while maintaining our affordable rates. All these are in line with the call of President Ferdinand Marcos, Jr. to provide Filipino workers with opportunities to gain comfortable and productive lives,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund’s new monthly rates were initially approved by its Board of Trustees in 2019, after obtaining the concurrence of stakeholders to implement a scheduled increase in 2021. During that time, the agency saw the increase necessary as it projected that the amount of loans disbursed will eventually outpace the total collections from both loan payments and members’ savings. However, due to the difficulties brought about by the COVID-19 pandemic in 2021 and 2022, the Pag-IBIG Fund Board deferred the increase of the agency’s savings rates. The agency again deferred the implementation of the increase in 2023, following the request of the Employers’ Confederation of the Philippines to provide the business community with time to further recover from the continuing financial challenges due to the health crisis. The deferment was also the Pag-IBIG Fund’s response to the call of President Ferdinand Marcos, Jr. early last year, to alleviate the financial burden of fellow Filipinos due to the prevailing socio-economic challenges brought about by the COVID-19 pandemic.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, expressed her appreciation for the support of stakeholders, and assured members of better benefits under the agency’s new rates.

“We thank the Trade Union Congress of the Philippines (TUCP), the Federation of Free Workers (FFW), the Philippine Government Employees’ Association (PGEA), Overseas Filipino Workers’ (OFW) organizations, and the Employers’ Confederation of the Philippines (ECOP) for supporting our plans and for recognizing that raising our monthly savings rates will allow Pag-IBIG Fund to continue to provide affordable home loans to its members in the coming years,” Acosta said.

“It is also important to note that the increase in our monthly savings rates shall benefit our members the most because every peso they save will go to their Pag-IBIG Savings. Under our new rates, they will have higher Pag-IBIG Savings that earn annual dividends, which they shall receive upon membership maturity or retirement. For example, based on our old rates, a member would receive around P87,000 upon reaching membership maturity. On the other hand, a member who saves under our new rates over a period of 20 years would receive P174,000 or double the amount. And, because of their higher savings, they shall also be entitled to higher multi-purpose and calamity loan amounts to help them with their financial needs,” Acosta emphasized. (PR)

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The Philippines: Tightened Macro Policies and Infrastructure Investment Needed to Address High Inflation and Structural Challenges 


Investment needed to address challenges ….

The Philippines: Tightened Macro Policies and Infrastructure Investment Needed to Address High Inflation and Structural Challenges  

SINGAPORE, November 27, 2023 – The Philippines’ economic recovery is expected to remain robust amid high inflation and weaker external demand. Growth is forecasted to moderate to 5.6 percent in 2023 from a multi-decade high of 7.6 percent in 2022, and to pick up to 6.3 percent in 2024 as external demand recovers. Headline inflation is expected to rise from 5.8 percent in 2022 to 6.0 percent in 2023 and then moderate to 3.6 percent in 2024, within the 2–4 percent inflation target.

AMRO’s assessments are highlighted in the 2023 Annual Consultation Report on the Philippines published today by the ASEAN+3 Macroeconomic Research Office (AMRO). The report is based on AMRO’s Annual Consultation Visit to the Philippines from August 29–September 8, 2023, and data and information available up to November 9, 2023.

Economic developments and outlook

GDP growth was robust in the first three quarters of 2023. Despite weaker external demand, the growth momentum is expected to be sustained by resilient household consumption reflecting an improving labor market, lower inflation, robust overseas remittances, and higher government infrastructure spending. On the external front, a widening current account deficit was partly offset by net capital inflows and the international reserve buffer remains adequate.

Inflation remained high in 2023, driven by buoyant demand and supply shocks. The high core inflation reflects elevated inflationary pressure due to a positive output gap and the second-round effects from increases in the minimum wages and persistently high inflation expectations.

The banking sector sees improved profitability, ample liquidity, and sufficient capital buffer. The fiscal position continues to improve in 2023 due to strong revenue collection and moderate spending.

Risk and vulnerabilities

In the short term, the impact of high inflation on the economy remains the key concern. Economic slowdown in major trading partners, volatility in the global financial markets along with tighter financial conditions could also weigh down on growth outlook. Over the medium to long term, the country’s growth potential faces several challenges, including the scarring effects of the pandemic, a slower pace of infrastructure development, heightened geopolitical risks, and economic losses from extreme weather events.

Policy recommendations

Concerted efforts by the Philippine authorities in addressing high inflation is welcomed. Both monetary and fiscal policies have been tightened to dampen demand in view of the positive output gap.  At the same time, the “all-of-government approach”, including the provision of targeted fuel and cash subsidies to the most vulnerable sectors, has been employed to mitigate the impact of the supply-side inflation. Monetary policy was tightened aggressively with a cumulative 450 bps policy rate hikes between May 2022 and October 2023. The 2024 budget will adopt a countercyclical stance and follow the medium-term fiscal framework to continue reducing the fiscal deficit. Meanwhile, macroprudential tools can also be used actively to address potential financial stability issues.

Fiscal policy should strike a balance between restoring fiscal buffer and supporting sustainable growth in the medium to long term. Strong commitment to fiscal consolidation should be anchored by fiscal rules and disciplines. With regard to the financial system, the authorities should continue to improve the liquidity management framework, develop the bond and repo markets, expand financial inclusion, safeguard financial stability, and enhance financial resilience and inclusion. Assessing, monitoring, and managing financial stability risks that might arise from non-financial corporates would require close coordination among regulators.

In the long term, the Philippine economic growth potential could be bolstered by a comprehensive strategy. To overcome the scarring effects of the pandemic and help the workforce embrace a more technology-driven economy, upgrading and upskilling is crucial. Meanwhile, policies and measures to attract investments, particularly foreign investments, and promote exports of both goods and services are the underpinnings of long-term economic development. Infrastructure investment, digitalization, and development of a green economy can help strengthen the country’s competitiveness. (PR)

About AMRO

The ASEAN+3 Macroeconomic Research Office (AMRO) is an international organization established to contribute toward securing macroeconomic and financial resilience and stability of the ASEAN+3 region, comprising 10 members of the Association of Southeast Asian Nations (ASEAN) and China; Hong Kong, China; Japan; and Korea. AMRO’s mandate is to conduct macroeconomic surveillance, support regional financial arrangements, and provide technical assistance to the members. In addition, AMRO also serves as a regional knowledge hub and provides support to ASEAN+3 financial cooperation.

About AMRO’s Annual Consultation Report

The Annual Consultation Report was prepared in fulfillment of AMRO’s mandate. AMRO is committed to monitoring, analyzing and reporting to its members on their macroeconomic status and financial soundness. AMRO also helps identify relevant risks and vulnerabilities, and assists members, if requested, in the timely formulation of policy recommendations to mitigate such risks.

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Pag-IBIG Fund reports P38.06 B net income, highest in its history


…

Pag-IBIG Fund reports highest net income in its history at P38,06 B

For the first ten months in 2022, Pag-IBIG Fund reports a net income of P38.06 Billion, the highest in its history ever.

The Fund also reports that for the 6 straight years it maintained its net income figure at P30B.

Please refer to the graphics below for some details of its accomplishment posted in its official fb page.

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Pag-IBIG Members save record-high P66.66B in Jan-Oct, up 27%; MP2 Savings surpass P33B, up 57%


On savings

Pag-IBIG Members save record-high P66.66B in Jan-Oct, up 27%; MP2 Savings surpass P33B, up 57%

Pag-IBIG Fund members have saved more than P66 billion in the last 10 months, breaking yet another record for the period and exceeding all prior full year figures, top agency officials announced on Monday (November 14).

From January to October, the amount collectively saved by members with the agency totaled P66.66 billion – the highest for any 10-month period. The savings collected so far this year grew 27% from the same period in 2021 and has surpassed all full year figures in the agency’s history including last year, when it collected P63.67 billion, Pag-IBIG Fund’s best performing year yet.

“Pag-IBIG Fund has again set another record-high, this time in its members savings collections. It speaks well of the trust that our members and stakeholders have in our capability to manage their savings excellently and prudently. With more funds, Pag-IBIG remains in a strong position to finance its programs, particularly its home loans, while keeping interest rates on its loans low. All these are part of our efforts in support of President Ferdinand Marcos Jr.’s call for providing a better life for all Filipinos,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Continuing to drive the growth of its members’ savings is the agency’s voluntary savings program, the Modified Pag-IBIG 2 or MP2 Savings. In the last 10 months, MP2 Savings amounted to a record-breaking P 33.72 billion or 51% of the total savings collected by the agency during the period.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, noted that the MP2 Savings continues to display remarkable growth, as it posted a 57% increase from the P21.43 billion collected during the same period last year.

“The dramatic growth of our MP2 Savings started in 2016, when collections first breached the P1-billion level. We are happy to note that this year is even more remarkable as the P33.72 billion collectively saved by our members during the first 10 months of the year has already well surpassed the entire year’s record-high collection of P25.95 billion in 2021. We thank our members for their continued trust in Pag-IBIG Fund. And, with only a few weeks remaining before the year ends, we assure our members that we are doing all that we can to provide them the best return rates on every hard-earned peso they have saved with us. That is our way of providing them Tapat na Serbisyo, Mula sa Puso,” Acosta added. (PR)